Billionaire Patrice Motsepe to establish fund for black farmers

Billionaire Patrice Motsepe to establish fund for black farmers

Patrice Motsepe aims to establish a multi-billion-Rand fund to help South Africa's black farmers

- The African Rainbow Minerals chair says the fund will focus on assistance in the agriculture industry

- One of the nation's wealthiest men says that land is a 'deeply emotional issue' among citizens

PAY ATTENTION: Click “See First” under the “Following” tab to see Briefly.co.za News on your News Feed!

Billionaire Patrice Motsepe is putting in the work to help black emerging farmers in South Africa.

A Business Day report revealed that Motsepe intends to establish a multi-billion-Rand fund to help those in agriculture, agribusiness and other linked industries.

Speaking at the African Farmers' Association of SA, Motsepe explained why he aims to bolster the endeavour:

“We need black farmers to be part of sustainable, commercially viable and profitable enterprises. When we do that we will build a future for all of our people.”

Motsepe says that land is a 'deeply emotional issue' for Mzansi, and the politics of the situation will never be removable.

READ ALSO: Land reform begins in SA: Mabuza tells white farmers not to panic

With agriculture, one of the country's key economic contributors, taking a slump recently, Motsepe is eager to get involved.

President Cyril Ramaphosa recently indicated that R3.9 billion would be set aside to benefit black commercial farmers.

The president, speaking during his State of the Nation Address, said funding would be aimed at expanding the industry by supporting key value chains, developing markets and reducing the need for imports.

The National Assembly has re-established an ad-hoc committee to bolster the required legislative changes to allow for land expropriation without compensation and is expected to report back by the end of March next year, Briefly.co.za gathered.

Enjoyed reading our story? Download BRIEFLY's news app on Google Play now and stay up-to-date with major South African news!

Source: Briefly.co.za

Mailfire view pixel